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New words:
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Financial report summary
?Risks
- We are in the process of Chapter 11 reorganization cases under the Bankruptcy Code, which may cause our common stock to decrease in value and may eventually render our common stock worthless. For a full description of the terms and conditions of the DIP Facility, you should refer to the Bankruptcy Docket.
- We are subject to other risks and uncertainties associated with our Chapter 11 Cases.
- Delays in our Chapter 11 Cases increase the risks of us being unable to reorganize our business and emerge from bankruptcy and increase our costs associated with the bankruptcy process.
- If the Restructuring Support Agreement is terminated, our ability to consummate the Plan may be materially and adversely affected.
- The Plan is based in large part upon assumptions and analyses developed by us. If these assumptions and analyses prove to be incorrect, we may not be able to achieve our stated goals and continue as a going concern.
- Even if the Plan is consummated, we may not be able to achieve our stated goals and continue as a going concern.
- The DIP Facility has substantial restrictions and covenants and if we are unable to comply with the covenant requirements under the DIP Facility, it could have a material adverse impact on our financial condition, operating results and cash flows.
- We may be subject to claims that will not be discharged in the Chapter 11 Cases, which could have a material adverse effect on our business, cash flows, liquidity, financial condition and results of operations.
- If we operate under the Bankruptcy Court’s protection for a long period of time, or for a longer period of time than expected, our business may be harmed.
- Changes to our capital structure may have a material adverse effect on existing and future debt and security holders, including holders of our common stock.
- The negotiations regarding the Restructuring have consumed and will continue to consume a substantial portion of the time and attention of our management, which may have an adverse effect on our business and results of operations, and we may face increased levels of employee attrition.
- As a result of the Chapter 11 Cases, our historical financial information may not be indicative of our future financial performance, which may be volatile.
Management Discussion
- Revenue increased $8,085 thousand, or 5.5%, for the three months ended April 1, 2023, compared to the three months ended April 2, 2022, primarily driven by an increase in our Telecom segment in support of 5G and C-Band spectrum deployment. Specifically, the Telecom increase was driven by the Wireless division as their major customers are continuing to make significant investments in support of 5G and fiber builds. The Telecom increase was partially offset by a decrease in Renewables and Recovery Logistics segment in the amount of $9,183 thousand primarily due to a less impactful winter storm season compared to the prior year.
- Cost of revenues increased by $11,339 thousand, or 8.6%, for the three months ended April 1, 2023, compared to the three months ended April 2, 2022. Higher project volume for 5G and fiber builds drove an overall increase in delivery costs of $21,945 thousand, which was partially offset by a timing-driven $10,959 thousand decrease in materials fulfillment costs.
- General and administrative expenses increased by $2,235 thousand, or 10.1%, for the three months ended April 1, 2023, compared to the three months ended April 2, 2022. The increase was primarily related to professional fees for restructuring services partially offset by less share-based compensation expense from Q1 2022 related to our February 14, 2022 Business Combination (the "Business Combination").